Field of the Invention
The present invention generally relates to card acquisition partner interfaces, and more particularly to a system, method and computer program product for an acquisition partner interface for integrating multiple partner channels into a transaction account issuer platform to allow partner customers to apply for transaction accounts.
Related Art
Many transaction account issuers continue to be plagued with slowing market growth, and declining response rates. Account issuers also face new competitors and innovative loyalty programs, while emerging products continue to change the industry landscape. This is due in part to traditional customer acquisition channels experiencing declines in response rates and profitability. In addition, acquisition of new transaction account members takes time to achieve at a time when potential members want their applications processed quickly.
Issuers also must take into account that newer acquisition channels now use the Internet for business-to-business (“B2B”) communication, and partner companies expect issuers to provide websites that can be rebranded. In addition, partner companies want their customers to have a seamless purchase experience, in order to complete all potential sales and build loyalty. These partners also are looking for revenue-sharing opportunities.
In light of these challenges, transaction account issuers are constantly searching for opportunities to increase the number of customers holding their transaction accounts and using their financial transaction instruments through cooperative relationships with other companies (herein referred to as “partners”). Attempts to establish connections between these partners and the internal acquisition systems of transaction account issuers have, in the past, resulted in custom-built interfaces for each external partner (sometimes referred to as “point solutions”). These custom built interfaces are not generally reusable across an enterprise. Some partners have attempted to use the transaction account issuer's Internet website. Such websites, however, are not easily rebranded to give the look and feel of the partner company. Nor do they provide customizable data validation and security mechanisms required by certain partners.
A need exists to increase new transaction account member acquisitions by creating distribution channels with partners which allow their customers to have a seamless purchase experience. There is also a need to increase transaction account member engagement by immediately extending credit (or approve debit) to customers (e.g., instant card usage). Yet another need exists to attract new partners with a competitive advantage in instant acquisition.
Given the foregoing, what is needed is a system, method and computer program product for an acquisition partner interface for integrating multiple partner channels into a transaction account issuer platform to allow partner customers to apply for transaction accounts.